Despite a lack of high-profile earnings announcements today, investors will have plenty to react to this morning following an earnings report from Dow component Alcoa and a number of other marquee announcements. Here's a snapshot of where U.S. futures markets stood as of this writing.
|Dow Jones Industrial Average |
|S&P 500 |
Shares of Dow component Intel
Intel competitor AMD had news of its own to share yesterday afternoon, this time adding to the negative vibes by warning that second-quarter earnings would be lower than expected after revenue fell about 11%, versus low-end guidance for flat revenues. While the company cited weakness in China and Europe as the culprits, this miss appears to have as much to do with execution relative to competitors. Shares are down more than 9% in premarket trading.
Shares of MAKO Surgical
Lastly, Alcoa kicked off the unofficial start to earnings season after the market closed yesterday, beating tempered expectations but falling short of offering anything to sway the consensus that this earnings season will be a rough one. According to estimates compiled by Thomson Reuters, earnings growth for the average S&P 500 company is expected to be 5.7%, down from 9.2% growth expected in early April. Most of that growth comes from Bank of America's
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